Opus Genetics (NASDAQ:IRD) Downgraded by Wall Street Zen to "Sell"

Key Points

• Wall Street Zen downgraded Opus Genetics to “Sell” from “Hold,” contrasting with the broader analyst consensus of “Moderate Buy” and an average price target of $11.92.
• Opus Genetics shares opened at $4.76, with a market capitalization of approximately $393.4 million. The company reported a quarterly loss of $0.14 per share—better than estimates—but revenue of $0.76 million fell well short of the $2.63 million consensus forecast.
• Institutional ownership increased as several funds, including BlackRock, Nantahala Capital Management, and Trails Edge Capital Partners, established new positions; institutions and hedge funds collectively own 14.97% of the stock.

Opus Genetics (NASDAQ:IRD - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also issued reports on IRD. BTIG Research reissued a "buy" rating and issued a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Wedbush lifted their target price on shares of Opus Genetics from $10.00 to $13.00 and gave the company an "outperform" rating in a report on Thursday, September 10th. Chardan Capital upped their price target on shares of Opus Genetics from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Wednesday, September 9th. Oppenheimer increased their price target on Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Finally, TD Cowen started coverage on Opus Genetics in a research report on Wednesday, July 29th. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Opus Genetics has an average rating of "Moderate Buy" and an average target price of $11.92.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD opened at $4.76 on Friday. Opus Genetics has a 1 year low of $1.50 and a 1 year high of $7.07. The stock has a market capitalization of $393.41 million, a P/E ratio of -3.53 and a beta of 0.58. The stock has a 50-day simple moving average of $4.19 and a 200-day simple moving average of $4.41.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. Analysts predict that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Activity at Opus Genetics

In other news, CFO Robert E. Gagnon sold 28,000 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares of the company's stock, valued at approximately $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,475 shares of the company's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares of the company's stock, valued at $5,109,013.55. This trade represents a 0.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 57,331 shares of company stock valued at $213,749 in the last ninety days. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in IRD. BlackRock Inc. acquired a new stake in shares of Opus Genetics during the second quarter valued at about $12,809,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics in the second quarter valued at about $12,582,185. Trails Edge Capital Partners LP purchased a new position in Opus Genetics in the second quarter valued at about $11,276,434. ADAR1 Capital Management LLC grew its stake in Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after purchasing an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. grew its stake in Opus Genetics by 0.4% during the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock valued at $4,624,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 14.97% of the company's stock.

Opus Genetics Company Profile

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics' pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.

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